Land becomes more expensive in the Yamuna Expressway region as the authority raises allotment prices

Officials from the Yamuna Expressway Authority stated that the land assignment rates have been raised upward due to an increase in the cost inflation index. The current allotted pricing for residential plots is Rs 24,600 per sq m, which will increase to Rs 25,900 per sq m on April 1, 2024, while the allotment charge for group housing plots has been raised to Rs 32,375 per sq m from Rs 30,750 per sq m.

Amid rising demand for land in the Yamuna Expressway region due to the upcoming Noida International Airport in Jewar, the Yamuna Expressway Industrial Development Authority (YEIDA) has decided to raise land allotment rates by 5.14 percent across all categories of plots, including residential, commercial, and industrial, according to officials familiar with the matter.

They stated that the land allotment rates were increasing due to an increase in the cost inflation index.

Due to a 5.14 percent increase in the cost inflation index, the land has become even more expensive for the Authority. The Yamuna Expressway region is a hub for investment in the NCR, thanks to some development projects in the area, including Jewar Airport and Film City.

The Authority wants to establish a land bank to promote regional growth, and because the land is becoming more expensive, the Authority must raise land allocation prices by 5.14 percent, a YEIDA official told Moneycontrol.

He stated that the decision was made at the Authority's 80th board meeting on March 12, which also featured the presentation of the Authority's budget for fiscal year FY 2024-25. The increased property allocation rates will be implemented beginning April 1, 2024.

Source: Money Control